We all know that every country around the world has its own official currency, and that you cannot expect the currency that works in your country to be usable in another country. So, you cannot pay US dollars if you want something in Mexico, so you will have to pay Mexican pesos, and the only way you can get access to Mexican pesos is to get your US Dollar exchanged to Pesos at a foreign exchange place. If you happen to be travelling to Canada, you need to find a foreign exchange place in Toronto and get your currency changed there then.
Now, a lot of tourists and inexperienced ones especially, end up making a few common mistakes when getting their foreign currency exchanged, a few of which we will be discussing below.
A lot of people try to exchange all of their foreign currency into local currency immediately after they have landed. This is a very common mistake and is one you should avoid. You should not get all of your foreign currency exchanged, in fact, you should just get enough exchanged to make it through the first day or two in the country. This is because you need to explore when looking for foreign exchange places. A general rule of thumb to keep in mind is that if the foreign exchange place happens to be close to important sites and centers in the city, they will end up having a higher exchange rate, so you can easily end up losing out on more money. You need to look around other foreign exchange places as well, so that you do not miss out the chances of finding a much better exchange rate, because if you have a better exchange rate, you will have more money on hand to spend.